Where Did All the Houses Go?

We have been patiently waiting for the spring inventory to hit, and typically we see a large influx of new listings just after Spring Break. As we have touched upon in the past, our local sellers believe that the spring is the best time to sell… Once the flowers start to bloom, the inventory “blossoms” as well. And while we are seeing a steady increase in local inventory, the pent-up buyer demand is so high, buyers are pouncing on them as soon as they hit the MLS. We are seeing many buyers settle on homes that are 70% of what they were hoping, for fear that something else better for them may never come along. With this we are witnessing frustrated buyers and impulse buying because of how long they have been searching for the right property.

Because this market is changing on a weekly basis, having an exclusive relationship with a Realtor is more valuable than ever. As a buyer, it’s important that your agent be actively looking for listings and networking among the Realtor community in an effort to find a house BEFORE it hits the market. In a market where most properties are receiving offers within the first week, it is essential that someone is watching the market at all times. In developing a trusting relationship with your property advocate, you are assured to have someone looking out for your best interests, and in some cases even reminding you that the home you are about to put an offer on really isn’t the best fit for you. A professional real estate agent can remove the emotional aspect of the buying process and help to keep you focused on the goal. On numerous occasions we have essentially talked our client OUT of buying a home. The looks on their faces are priceless. Yes, we are in sales. Yes, we don’t get paid until you buyer a home. However, we are in this for the long run, and you finding your perfect place is our main objective. If that means we end up showing you 50 houses or it takes you 2.5 years to get there (oh, yes this actually happens), that’s okay. We got your back!

One example: we have been showing property to the sweetest family the past 3-4 months. They are highly qualified and are not looking for a needle in a haystack. They are realistic in their expectations and desires. But because of the lack of inventory all over Jackson County, they haven’t found their next home. At one particular property we could feel their frustration, and although the property would “fit” them, it really didn’t satisfy the objective of why they were choosing to move. Guiding them back to their reason for making a change, reminding them of all the things the move was going to accomplish and reassuring them that eventually the right property would surface is really what drives us. It took quite some time but eventually they came to the realization that they were feeling pressured by the market to buy a property that was less than what they needed, etc. for fear they may miss out.

As we often say… a trained monkey can unlock a door, so it’s the level of service and experience that separates Realtors from one another. During this highly competitive time in the market, we would encourage you to find a real estate agent that is working behind the scenes to find you your next property. There is a lot more to the homebuying process than setting you up on an automatic search engine, and once you find the right fit for you, will be amazed at what a difference it makes.

I think most of us have figured out that it’s a sellers market right now. We are experiencing properties receiving multiple offers and many time they are over the list price. In times like this, it is easy for sellers to get greedy and continue to want to push their pricing higher and higher, however, more and more properties are not appraising. The data outlining the sold statistics just hasn’t caught up to the demand, so finding the sweet spot with pricing a home is critical right now. Realtors know just how high you push your value over and above what the comparative market analysis shows. Most of us also understand the “dance” associated with justifying higher value for certain characteristics that aren’t necessarily tangible.

To the contrary, we have also witnessed a few sellers leave money on the table because they didn’t consult with an experienced and full time Realtor who is keeping up on the day-to-day market demand. It is changing that quickly. Don’t rely on Zillow, the county assessor, or a friend of a friend of a friend who happens to hold their real estate license but sells just one or two houses a year. You’ll regret it, and in many times cost yourself a lot of money. Find a Realtor you can trust, one you can rely one and one with a proven track record. As buyers, you pay nothing for representation. As sellers, you only pay a fee when the ultimate goal is achieved, which is selling your home. Be sure you are aligning yourself with a broker who understands your needs, who knows the market conditions (both buying and selling, what types of homes are in high demand, etc) and who will work hard to achieve your goals. Successful agents are successful for a reason. They are getting after it! This market is changing each minute.

We have consistently been top producers in our area and anyone who has worked with us knows that we have earned every bit of the accolades. Yes, our lives are busy and yes, we can’t do it all, but if you have concerns about how full our plates might be… just ask us. If we don’t think we can provide the level of service you require or deserve, we will tell you. The very last thing we want is for you to be disappointed or frustrated. We have turned away clients more than once because we just couldn’t meet their needs. Sure, it caught them off guard at first, but in the end, they were grateful for the transparency.

Have you thought about selling but aren’t quite ready? Give us a call. There are numerous options available to start promoting your property behind the scenes and even sell it while still having the ability to live there until the timing works for your family. We have successfully negotiated this scenario several times already this year and it was a win-win for everyone.

Our current market conditions make this real estate market a challenge. With the inventory level excruciatingly low, it is a difficult time for buyers to find their next property. And at the same time, it’s equally challenging for sellers to determine if now is the best time to sell, if their home value is still headed up or about to plateau, and when should they just go for it. There is no good reason to take these challenges on by yourself. Be sure you are leaning on a Realtor who is working for and with you. You won’t regret it.